Wheat futures traded around $5.6 per bushel, marking a 2-Month low, due to expectations of increased wheat supply from the United States. According to the latest WASDE report, U.S wheat supply is forecasted to reach 1,875 million bushels, up 17 million from the previous month. However, the global wheat outlook for 2024/25 anticipates a reduction in supply by 5.7 million tons, bringing the total to 1,050.3 million tons. This projected decline is primarily due to significant production decreases in Russia, Ukraine, and the EU where adverse weather has led to a reduction in production estimates by 5 million tons in Russia and 1.5 million tons in Ukraine. In the EU, wet weather in France has reduced yield potential, negatively affecting the region's production forecast.
Wheat decreased 52.75 USd/BU or 8.40% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Wheat reached an all time high of 1350.00 in March of 2022. Wheat - data, forecasts, historical chart - was last updated on June 30 of 2024.
Wheat decreased 52.75 USd/BU or 8.40% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Wheat is expected to trade at 698.24 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 761.01 in 12 months time.